Need help - things getting on top of me!

SOSAD_2

Hi
I was advised by the lovely people on the families board to post on here for advice.

I'm a single women, running a house on my own and things are getting on top of me now. I never seem to have any money left at the end of the month and always seem to go in to my overdraft. I've tried cutting right back, I very rarely go out or buy new things.

I have a spare bedroom and was thinking about renting it out. This is a last resort at the moment though as I'm going through a break up and need some time alone.

Money worries are always on my mind and are stopping me from enjoying life.

Feeling really down this morning, how do other people manage?

CH27

Hi

Post up your SOA & people will happily help you:)

SOSAD_2

CH27 wrote: »

Hi

Post up your SOA & people will happily help you:)

Thanks I will. I've just read the sticky for new poster's (should have read it first before posting!)

SOSAD_2

Household Information

Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1055
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1055

Monthly Expense Details
Mortgage................................ 280
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 89
Electricity............................. 20
Gas..................................... 11
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 15
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 19
Internet Services....................... 6
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 45
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 50
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Bank Charges............................ 7
Total monthly expenses.................. 795

Assets
Cash.................................... 150
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 91150

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 60000....(280)......4.8
Total secured & HP debts...... 60000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Credit Card.............600.......25........0
RBS Credit Card................3000......80........0
Next...........................200.......25........29.9
Total unsecured debts..........3800......130.......-

Monthly Budget Summary
Total monthly income.................... 1,055
Expenses (including HP & secured debts). 795
Available for debt repayments........... 260
Monthly UNsecured debt repayments....... 130
Amount left after debt repayments....... 130


Total assets (things you own)........... 91,150
Total HP & Secured debt................. -60,000
Total Unsecured debt.................... -3,800
Net Assets.............................. 27,350



OK there it is. It doesn't look that bad, but I never have anything left and I'm always in my overdraft so when my salary goes in I don't start at £1055, I usually start at £750ish and when my mortgage goes out on the 20th of the month it pushes me right back into my overdraft again.

I put money into a savings account each month to cover my car insurance, MOT etc and a small amount to cover birthday presents, this is why I have a small amount of cash.

Pollycat

Hi there

If you haven't got any surplus money you need to start a spending diary to see where it's going.

Put down EVERYTHING that you spend that isn't covered in your SOA.
That might be the odd coffee/cake out, newspapers/magazines, gretings cards/stamps, lottery, window cleaner etc.

You could possibly cut down on your grocery bills by bulk cooking/freezing, menu planning etc.

Don't you have contents insurance?

SOSAD_2

Pollycat wrote: »

Hi there

If you haven't got any surplus money you need to start a spending diary to see where it's going.

Put down EVERYTHING that you spend that isn't covered in your SOA.
That might be the odd coffee/cake out, newspapers/magazines, gretings cards/stamps, lottery, window cleaner etc.

You could possibly cut down on your grocery bills by bulk cooking/freezing, menu planning etc.

Don't you have contents insurance?

Yes I will start a spending diary tomorrow.

No I don't have contents insurance, not a very good idea I know!

Amanda666

SOSAD

Didn't want to read and run. I too am a single girl with a house and I know that it can be difficult at times, we have the same amount of household bills but with no additional support! BUT you can do this....... try not to beat yourself up. You didn't get into this postiotn overnight so dont try and sort it all out at once.
I'd start by trying to record anything that you spend and before you open your purse or hit 'send' online think 'Do I need this right know? Will delaying buying this for 24 hours really cause me major pain? If the answers are NO, dont do it. It will take time but see is at a long term project made up of baby steps and not a one hit wonder solution.
The savings pots are a great idea so well done for that.

Keep posting, you will get lots of help
Ax

CH27

Keep a spending diary & write down every penny you spend.

Do you get 25% Single Person Discount on your Council Tax?

SOSAD_2

CH27 wrote: »

Keep a spending diary & write down every penny you spend.

Do you get 25% Single Person Discount on your Council Tax?

Yes I get the discount thanks.

barbiedoll

I've lived on my own with a mortgage and it's very hard to manage sometimes. I lived on packet pasta and pot noodles for the first few months until my brother took pity on me and took me out for a big food shop!

Your SOA looks pretty tight but could you shop around for the pet insurance and maybe get rid of the cable tv for the moment? A spending diary is a good idea, those trips to the shops for a pint of milk soon add up if you're picking up a magazine, choc bar etc etc at the same time!

Do you have access to a cash and carry outlet near to where you live? I used to share pet food costs with a friend who did, we would buy in bulk and save quite a bit of money that way. Also, try "dropping a brand" when you shop, especially for cleaning materials, toilet rolls, shampoo and stuff like that.

Could you up your income at all? I used to work a couple of shifts in the local pub just to tide me over when I was paying off the costs of moving. If that doesn't appeal, what about something like answering the phone at a local minicab office? Or even a couple of shifts at weekends in the local supermarket?

Looking at your debts, you need to pay off the Next catalogue first, the interest rate is horrendous. Is there any way that you can transfer it to a 0% balance card? And don't use your current cards for any other spending, once the 0% deal is up, you'll be paying a fortune.

What is your mobile deal like, do you get lots of free minutes/texts? If so, it may be worth dropping your landline if you can. (Make any important calls when you're at work if possible! )Or have a look at some of the deals where the phone, broadband and cable is bundled together, it may save a bit at least.

You're doing a grand job so far, your debts aren't too bad and living alone is expensive but it's worth it for the sense of achievement. If you're going through a break-up, you've obviously resisted the urge to spend your way back to happiness, you know that you're stronger than that. Congratulate yourself for coping so well, and good luck for the future!

Triggles

I agree a spending diary is the way to go. You're most likely missing little things here and there. Groceries is often the culprit - that quick stop to get milk and leaving with a tenner's worth (or more) of groceries can add up quite quickly! And things like coffees, a book purchase, parking fees in town... often those get missed when budgeting.